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Suppose that you borrowed $500,000 using a 20-year loan with an annual interest rate of 4% with monthly payments and monthly compounding. What would the

Suppose that you borrowed $500,000 using a 20-year loan with an annual interest rate of 4% with monthly payments and monthly compounding. What would the balance on this loan be at the end of the 8^th year?

Question 42 options:

	$352,987
	$325,302
	$318,381
	$346,066

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